A Plan for Every Possibility
Final Expense coverage is designed to cover the costs associated with a person's funeral, burial, and other end-of-life expenses. Final Expense coverage can be a great choice for older individuals who want to lessen the financial burden on their loved ones after their passing.
Final Expense coverage is a specialized type of life insurance. Final Expense policies offer a lower coverage amount compared to other types of life insurance, because they are targeted at relieving the burden of end-of-life expenses. The value of the policy is lower than with traditional life insurance, but they are easier to qualify for, often requiring minimal or no medical underwriting.
Most people over 50 are able to apply for a Final Expense policy. When you apply, you will not have to have a medical exam or grant access to your medical records. However, for some policies you will need to answer some health questions. Because of the health questions, not everyone will qualify for a policy with coverage that begins on day one. The premiums for Final Expense coverage depend on age and health; where allowed by state law, they may also depend on your gender. Many Final Expense policies have an upper age limit of 85, which is higher than for some traditional life insurance policies.
You could apply for a Final Expense policy at nearly any age, depending on the insurance company. Many opt to apply for Final Expense coverage between the ages of 50 and 75, but some apply up to age 85 — you may apply at any time.
Finding a policy can be done online, but with the huge number of choices you might want some guidance with locating the coverage that fits your needs. PlanEnroll can help. Contact us to learn more.